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 <p><a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> members <a rel="noopener noreferrer nofollow" title="UAE" href="https://thebittimes.com/tag/uae.html">UAE</a> and China settled a cross-border transaction on Monday using the new Digital <a rel="noopener noreferrer nofollow" title="Dirham" href="https://thebittimes.com/tag/dirham.html">Dirham</a> sidelining the US dollar. This is the first-ever transaction made directly to China from the <a rel="noopener noreferrer nofollow" title="UAE" href="https://thebittimes.com/tag/uae.html">UAE</a> using the new mode of payment with the Digital <a rel="noopener noreferrer nofollow" title="Dirham" href="https://thebittimes.com/tag/dirham.html">Dirham</a>. The direct trade settlement was initiated by the <a rel="noopener noreferrer nofollow" title="UAE" href="https://thebittimes.com/tag/uae.html">UAE</a> through the ‘M Bridge’ platform making ways for <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> to end reliance on the US dollar through digital methods.</p>
 <p><strong>Also Read: BRICS: Russia Building New Payment System Without U.S. Dollar</strong></p>
 <p>The UAE Central Bank initiated the Digital Dirham payment to China amounting to Dh500 million, which is equivalent to $136 million. Shaikh Mansour conducted the historic transaction directly to China showcasing the ‘M Bridge’ payment platform.</p>
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 <p>The live trade settlement was also attended by the UAE’s Central Bank officials and graduating students comprising 1,056 Emiratis. The development indicates that the UAE is ushering in a new era of digital payments.</p>
 <p><strong>Also Read:&nbsp;BRICS Expansion a Threat To SWIFT Payment System &amp; US Dollar</strong></p>
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 <h2 class="wp-block-heading" id="h-brics-uae-amp-china-s-usage-of-digital-dirhams-threatens-us-dollar">BRICS: UAE &amp; China’s Usage of Digital Dirhams Threatens US Dollar</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="576" src="https://cdn.thebittimes.com/images/2024/01/30/bb3db2f49d946b92ab8de28351f56276.webp" alt="UAE China" class="wp-image-113916" srcset="https://cdn.thebittimes.com/images/2024/01/30/bb3db2f49d946b92ab8de28351f56276.webp 1024w, https://cdn.thebittimes.com/images/2024/01/30/bb3db2f49d946b92ab8de28351f56276.webp 300w, https://cdn.thebittimes.com/images/2024/01/30/bb3db2f49d946b92ab8de28351f56276.webp 768w, https://cdn.thebittimes.com/images/2024/01/30/bb3db2f49d946b92ab8de28351f56276.webp 380w, https://cdn.thebittimes.com/images/2024/01/30/bb3db2f49d946b92ab8de28351f56276.webp 550w, https://cdn.thebittimes.com/images/2024/01/30/bb3db2f49d946b92ab8de28351f56276.webp 800w, https://cdn.thebittimes.com/images/2024/01/30/bb3db2f49d946b92ab8de28351f56276.webp 1160w, https://cdn.thebittimes.com/images/2024/01/30/bb3db2f49d946b92ab8de28351f56276.webp 1280w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Source: CNN
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 <p>The BRICS countries UAE and China have trade agreements worth billions of dollars and using the Digital Dirhams as payment jeopardizes the US dollar. If the two BRICS nations stick to payments in the Digital Dirhams, the US dollar will be the hardest hit. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.</p>
 <p><strong>Also Read:&nbsp;BRICS: Morgan Stanley Predicts Future of the U.S. Dollar</strong></p>
 <p>The new <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> member <a rel="noopener noreferrer nofollow" title="UAE" href="https://thebittimes.com/tag/uae.html">UAE</a> is looking at innovative methods to put the Digital <a rel="noopener noreferrer nofollow" title="Dirham" href="https://thebittimes.com/tag/dirham.html">Dirham</a> ahead of the US dollar. Additionally, China is encouraging developing nations to put their local currencies first for trade settlements and sideline the US dollar. The <a rel="noopener noreferrer nofollow" title="UAE" href="https://thebittimes.com/tag/uae.html">UAE</a>’s Central Bank has also launched the ‘Innovative Projects’ scheme which aims to promote the Digital <a rel="noopener noreferrer nofollow" title="Dirham" href="https://thebittimes.com/tag/dirham.html">Dirham</a> extensively.</p>
 <p>All these developments indicate the US dollar could be less used by BRICS for trade settlements in the coming years. Moreover, the move will directly impact the US economy and the dollar could lose the global supply and demand mechanism.</p>
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<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>china</li>
  <li>Digital Dirham</li>
  <li>Dirham</li>
  <li>UAE</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-uae-pays-china-with-new-digital-dirham-ditches-us-dollar-tbt78180.html">https://thebittimes.com/brics-uae-pays-china-with-new-digital-dirham-ditches-us-dollar-tbt78180.html</a></p>

BRICS: UAE Pays China With New Digital Dirham, Ditches US Dollar

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